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BEIJING-- A Chinese conglomerate has announced it will buy U.S. cinema chain AMC Entertainment Holdings for $2.6 billion to create the world's biggest movie theater operator.

Dalian Wanda Group Co. said Monday it is willing to invest an additional $500 million to fund AMC's strategic and operating initiatives.

Wanda said AMC's headquarters will remain in the Kansas City area and day-to-day operations will remain unchanged.

Privately owned Wanda operates hotels, department stores, tourism and other businesses. Its assets include 86 theaters in China and film production and distribution businesses.